Tuesday, February 10, 2009

Information Technology – Impact of Recession

Information Technology – Impact of Recession

Information Technology has come into existence with a promise to the customers in terms of faster and easier automated processes and procedures which save a gain in terms of cost, time and resources. Information Technology has promised good returns on investment to every customer and has done absolutely well. Information Technology Industry is built on very strong basics and tends to stand tall for long.

Recession is the word gaining prominence across the globe slowly but steadily, there by passing an underlying message of the seriousness of the issue to be more severe as the days pass in the calendar year of 2009. Recession which has shown its signs in the mid 2008 has taken its toll particularly on the Information Technology sector and other sectors.

The signs of recession to the common man are non availability of liquidated funds, job threat and rise in prices of essential commodities. Hence amid such a commotion all over the world to meet the challenge of recession, the thought in the minds of an expert related to Information Technology is that did recession really impact on the Information Technology sector. If yes how much is it affected…and so on.

It is agreed beyond debate by many of the professionals that recession does have some impact on the Information Technology industry. With some huge corporate calling quits and many other companies across the globe in a cost cutting mode and with many others adopting the wait and watch approach, there is a slow down in the Information Technology Sector.

The Industry has shown few signs by few companies laying off their resources and so on, however there is an all round impression that such a situation is only for a while and IT companies need to be watchful during this time. IT Industry having promised so much to its clients will not be shaken off by few tough situations. It is bit alarming to learn that there is a reduction in growth rate of few IT giants, however it is highly encouraging to learn that the reduction is only in the growth rate, which means the companies as well as the industry is still growing by a fair margin if not by leaps and bounds.

At the same time we need to understand, Information Technology Market is not recession proof, Hence its time for all the experts to share a common platform in discussing and framing a strategy for all IT companies and professionals to successfully be prepared for any eventualities.